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boosted fourth-quarter guidance Wednesday, saying strong sales growth offset rising raw materials costs.

The Cleveland-based paint maker boosted its fourth-quarter earnings target to 57 cents a share from the previous 48-to-52-cent range. The company said quarterly sales rose 16.7% from a year ago to $1.5 billion, easing past the previous target of a low double-digit percentage sales gain.

Analysts surveyed by Thomson First Call had forecast earnings of 51 cents a share on sales of $1.44 billion.

Shares rose 58 cents in postclose action to $44.